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Hawaiian Electric Industries Inc T.HE.RT


Primary Symbol: HE

Hawaiian Electric Industries, Inc. is a holding company with its subsidiaries principally engaged in electric utility, banking, and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. The Company’s segments include Electric utility, Bank, and Other. The Electric Utility segment provides essential electric service to Hawaii’s population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, Maui, Lanai and Molokai. The Bank segment provides a range of banking and other financial services to Hawaii consumers and businesses. The Bank segment is also engaged in lending activities, which include origination, purchase and sale of loans, residential mortgage lending, construction and development lending, multifamily residential and commercial real estate lending. The Other segment comprises Pacific Current, which invests in non-regulated clean energy and sustainable infrastructure in the State of Hawaii.


NYSE:HE - Post by User

Comment by Baysarjon Feb 03, 2010 7:21pm
508 Views
Post# 16749899

RE: RE: RE: Hanwei's only wind customer

RE: RE: RE: Hanwei's only wind customerWith the recent government approval noted in my last post, in addition to the government subsidies, China Wind looks like they are well on their way again. 

Hanwei to date has only delivered 40 turbines, all which were delivered in 2008.  Out of the 40 turbines delivered, 34 of them were for China Wind's phase 1, which has commenced commercial production.  Phase two consists of a total of 35 turbines, which means Hanwei still has 29 more to deliver for phase 2. 

Phases 3-5 consist of 299 turbines and has an expected finish date of 2014.  Now considering each turbine at roughly $1million and each blade set at $200k, that is a lot of potential revenue for Hanwei.  Supposedly, there is another supplier for China Wind, but they have not delivered anything to date. 

This being said, I still think Hanwei is undervalued without even considering their wind business.  Not even considering the potential growth (think China, alternative energy), I stil conservatively value Hanwei at 1.50/share.   Historically, they have traded at 4 times and 3.5 times NCAVPS and Book Value/Share, respectively.    Currently, they are trading at .9 and .34 their NCAVPS and Book per Share, respectively (as per their last quarter).

Buying at these prices gives you a large margin of safety. 

The negatives...... Management were way too optimistic last year in their revenue projections and let down shareholders (but gave us a great opportunity to buy).   Also, the $1million write off related to the termination of it's plans to build a facility in Kazakhstan. That hurt...

Like I said previously, there will be brighter days ahead.

Good luck

Disclosure
I own shares in T.HE
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